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SourceBio forecasts bumper earnings thanks to Covid-19 testing boom

By BFN News | 09:14 AM | Wednesday 25 November, 2020


Laboratory services provider SourceBio International said it expected to post a large rise in annual revenue, thanks increased revenue related to Covid-19 testing work. Earnings before interest, tax, depreciation and amortisation for the year through December were seen jumping to around £14.0 million, up from £3.0 million year-on-year. Revenue was expected to more than double to £50.0 million, up from £21.2 million in 2019. SourceBio International said it had provided more than 330,000 Covid-19 tests under an existing contract with the UK's Department of Health and Social Care. The company also had renewed a testing contract with Spire Healthcare and was continuing to build capacity for COVID-19 testing services to support expected further demand into 2021. 'A key part of our investment case has always been our positioning to deliver against an unprecedented Covid-19 testing opportunity,' executive chairman Jay LeCoque said. 'The funds from our IPO are enabling us to further scale our Covid-19 testing services, to successfully deliver against expected increases in future testing.' The company said Public Health England's National Microbiology Framework was now expected to be awarded to successful applicants from February 2021. 'We believe we are in a very strong position for the Lot4 bid, and when awards are made in the New Year we have the potential to increase our testing volumes over the course of this framework,' LeCoque said. At 9:14am: (LON:SBI) share price was 0p at 171p Story provided by StockMarketWire.com

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